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The Reserve Bank of India (RBI) is the central institution of the country that manages all major monetary policies of India and handles the economic stability and growth.

Urjit Patel is the current RBI governor, who assumed responsibilities of the organisation from September 6, 2016. Within three months of his tenure, Prime Minister Narendra Modi announced demonetisation of Rs 500 and Rs 1000 currency note. He was an integral part of the team which decided on demonetisation. RBI has been mitigating the side effects of demonetisation by executing a set of rules in favour of the common people. Opposition, however, protested against the decision of demonetisation and criticised the government and the RBI for being insensitive towards common people.

It was set up in 1935 during British rule in accordance with the provisions of the The Reserve Bank Act, 1934. The headquarters are in Mumbai, Maharastra.

On June 25, 2017 a lawyer had sought information under the transparency law i.e. Right To Information Act and moved to the Competition Commission of India (CCI) alleging "cartelization" and "anti-competitive practices" by the banks in respect of the locker service.

As a response to this, on July 17, 2017, Reserve Bank of India told the Supreme Court that a host of laws mandate the banking regulator to maintain secrecy on borrowings and borrowers — information that cannot be revealed to all and sundry under RTI, the 2005 transparency law. This prompted the apex court to say it would examine all these aspects again.